Collaboration in action
All LGPS Funds are required to procure services such as Actuarial and Benefit Consultancy, Investment Consultancy and Custodian Services.
Lord Hutton highlighted the potential benefits of co-operative projects within the LGPS and his recommendation for a greater degree of collaborative procurement was accepted by the Government and subsequently endorsed by DCLG ministers. LGPS 2014 takes this further.
By LGPS Funds, for LGPS Funds
The National LGPS Procurement Frameworks are a direct example of funds with shared interests and visions collaborating effectively to deliver benefits both locally and nationally across the entire LGPS.
They are the result of collaboration between Buckinghamshire County Council, Cambridgeshire County Council, London Borough of Croydon, Dorset County Pension Fund, Environment Agency Pension Fund, London Borough of Hackney, Lincolnshire County Council, Lothian Pension Fund, Norfolk Pension Fund, Northamptonshire County Council and Suffolk County Council.
Procurement, Legal and project management support was provided by specialists from Norfolk County Council and the Norfolk Pension Fund.
The initiative is supported by the Department for Communities and Local Government and the Local Government Association.
Discussions about the nature of the project are also ongoing with HM Treasury and Cabinet Office as part of a wider efficiency programme.